Date:30/07/2004 URL: http://www.thehindubusinessline.com/2004/07/30/stories/2004073002350800.htm

Back Andhra Bank Q1 net up 27 pc

Our Bureau

Mr T.S. Narayanasami, Chairman & Managing Director, Andhra Bank (right) and Mr R. Balakrishnan, Executive Director, at a press conference in Mumbai on Thursday. -- Shashi Ashiwal

Mumbai , July 29

A SIGNIFICANT jump in net interest income coupled with lower provisioning has enabled Andhra Bank to post a 26.5 per cent growth in net profit at Rs 150.16 crore in the first quarter of the financial year 2004-05, as against a net profit of Rs 118.67 crore in the corresponding quarter, the previous year.

During this period, the net interest income grew by 34 per cent to Rs 267.90 crore (Rs 200 crore), while provisions and contingencies was lower at Rs 36.83 crore (Rs 78.94 crore).

Provisions for NPAs also declined to Rs 30 crore (Rs 85 crore), while provisions for taxes were higher at Rs 77.50 crore (Rs 55.50 crore).

Total income of the bank dipped marginally to Rs 755.28 crore (Rs 758.06 crore). This is inclusive of interest earned at Rs 560.50 crore (Rs 558.49 crore) and other income at Rs 194.78 crore (Rs 199.57 crore).

Total expenditure was lower at Rs 490.79 crore (Rs 504.95 crore).

Total deposits of the bank stood at Rs 22,580 crore (Rs 21,138 crore). The average cost of deposits was brought down to 4.97 per cent during the quarter ended June 30, 2004 (6.52 per cent), said a press release.

Net credit of the bank stood at Rs 13,373 crore (Rs 11,663 crore). Gross NPAs amounted to Rs 634.13 crore (Rs 640.21 crore).

Net NPAs were lower at Rs 108.81 crore (Rs 192.89 crore). Capital adequacy ratio of the bank was at 15.16 per cent (16.09 per cent).